55-483 - Purchaser's right to cancel. - Virginia Statutes

§ 55-483. Purchaser's right to cancel.

A. A person required to deliver a public offering statement pursuant tosubsection C of § 55-477 shall provide a purchaser with a copy of the publicoffering statement and all amendments thereto before conveyance of thatcooperative interest and not later than the date of any contract of sale. Thepurchaser may cancel the contract within ten days after signing the contract.

B. If a purchaser elects to cancel a contract pursuant to subsection A, hemay do so by hand delivering notice thereof to the offeror or by mailingnotice thereof by prepaid United States mail to the offeror or to his agentfor service of process. Cancellation is without penalty, and all paymentsmade by the purchaser before cancellation shall be refunded promptly.

C. If a person required to deliver a public offering statement pursuant tosubsection C of § 55-477 fails to provide a purchaser, to whom a cooperativeinterest is conveyed with that public offering statement and all amendmentsthereto as required by subsection A, the purchaser, in addition to any rightsto damages or other relief, is entitled to receive from that person an amountequal to ten percent of the sales price of the cooperative interest, plus tenpercent of the share, proportionate to his common expense liability, of theindebtedness of the association secured by mortgages or deeds of trustencumbering the cooperative. Execution of a purchase agreement for acooperative interest which makes reference to the public offering statementand wherein the purchaser acknowledges receipt thereof shall be sufficientproof that the declarant has fully satisfied this requirement.

(1982, c. 277.)